PUMA Masterfund S-8 RMBS private placement

19 March 2010

Macquarie Securitisation Limited (MSL), the manager of the PUMA residential mortgage backed securitisation program, today announced that it has priced a $A1,198.3 million PUMA Masterfund S-8 bond issue.

The transaction is an agreed restructure of an existing externally provided mortgage warehouse facility into term securities which have been privately placed.

The Class A-1 senior notes, to be rated AAA by Standard & Poor’s Ratings Group, with a face value of $A119.8 million and a weighted average life of approximately 0.2 years, were priced at a margin of 0.80 per cent (80 basis points) over 1-month BBSW. The Class A-2 senior notes, to be rated AAA by Standard & Poor’s Ratings Group, with a face value of $A898.7 million and a weighted average life of approximately 2.9 years, were priced at a margin of 1.65 per cent (165 basis points) over 1-month BBSW. The issue also included $A119.8 million Class AB notes and $A60m Class B subordinated notes. Macquarie Debt Markets was the sole lead manager and arranger for the issue. The issue will settle on 19 March, 2010.

The PUMA S-8 bond issue is collateralised by a pool of mortgage loans with a weighted average current loan-to-value ratio of 72% and a weighted average seasoning of 40 months. 54% of the loans supporting the issue are fully verified income loans ("full doc"), whilst 46% of the loans are stated income or stated serviceability loans ("low doc"). All of the loans have the benefit of mortgage insurance covering 100 per cent of principal and interest, provided by either Genworth Financial Mortgage Insurance, PMI Mortgage Insurance or Vero Lenders Mortgage Insurance Limited. Macquarie Securitisation Limited.

About Macquarie Securitisation Limited

As manager of the PUMA Program, Macquarie Securitisation Limited is a leading Australian issuer of residential mortgage-backed securities. It has raised a total of $A40.4 billion in 44 separate issues since 1993, involving 31 public issues in Australia, 5 public issues in the European markets, 6 global issues and 2 private placements.

This release is not an offer of securities for sale in the United States. The notes described above may not be offered or sold in the United States absent registration or an exemption from registration. No public offering of the notes is intended, and any public offering of the notes to be made in the United States would be made by means of a prospectus that may be obtained from the issuer and that will contain detailed information about the trust.

Other than Macquarie Bank Limited ABN 46 008 583 542 (MBL), any Macquarie Group entity noted on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity’s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

Macquarie Securitisation Limited is not an authorised deposit-taking institution for the purposes of the Banking Act (Cth) 1959, and Macquarie Securitisation Limited's obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Securitisation Limited.

Macquarie Bank Limited ABN 46 008 583 542 is authorized by The Australian Prudential Regulation Authority in the Commonwealth of Australia and The Financial Services Authority in the United Kingdom, to carry out banking business or to accept deposits in those respective jurisdictions. Macquarie Bank Limited and its related bodies corporate (the Macquarie Bank Group) are not otherwise currently authorised to carry out banking business or to accept deposits in any other countries.

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